Universal Mortgage & Finance Rates, Fees & Info
LUTHERVILLE, MDLEI: 549300FFPMB9B7FHNR61
Tax ID: 52-2276553
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Mortgage Data
Review & Overview
Universal Mortgage & Finance is a smaller mortgage company specializing in Home Purchase loans. They have a a high proportion of FHA loans. Universal Mortgage & Finance has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Baltimore, Washington, Reno, California, and Panama City among others. We have data for 25 markets. (Some data included below & more in-depth data is available with an active subscription.)Universal Mortgage & Finance has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Universal Mortgage & Finance is typically a high fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have relatively high rates.
We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.
Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.27% | 11/17/24 |
| 30 Year Conventional Purchase | 7.07% | 11/17/24 |
| 30 Year Conventional Refi | 6.27% | 11/17/24 |
| 30 Year Cash-out Refi | 7.28% | 11/17/24 |
| 30 Year FHA Purchase | 7.82% | 11/17/24 |
| 30 Year FHA Refi | 7.39% | 11/17/24 |
| 30 Year VA Purchase | 6.68% | 11/17/24 |
| 30 Year USDA Purchase | 7.06% | 11/17/24 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
Universal Mortgage & Finance Mortgage Calculator
Your Estimates
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This is not an official calculator from Universal Mortgage & Finance. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
122Origination Dollar Volume (All Markets)
$45,710,000Relative Rate
Universal Mortgage & Finance's average 30 year fixed mortgage rate was
7.01%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.53%.
Relative Fees (Closing Costs)
Universal Mortgage & Finance's average total fees/closing costs for a 30 year fixed rate
mortgage were $18,509.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including
both points & up-front fees in addition to origination fees) were $9,089.
Top Markets
Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 42 | $14,530,000 | $345,952 | $15,995 | 6.93% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 32 | $13,040,000 | $407,500 | $17,668 | 7.34% |
| RENO, NV (FHA|USDA|VA) | 7 | $2,475,000 | $353,571 | $12,130 | 7.45% |
| CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) | 5 | $2,085,000 | $417,000 | $18,007 | 6.23% |
| PANAMA CITY, FL (FHA|USDA|VA) | 2 | $1,980,000 | $990,000 | $23,933 | 7.81% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 6 | $1,910,000 | $318,333 | $61,931 | 6.94% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 5 | $1,705,000 | $341,000 | $13,917 | 6.70% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 4 | $1,560,000 | $390,000 | $15,870 | 5.97% |
| BOULDER, CO (FHA|USDA|VA) | 1 | $715,000 | $715,000 | $3,804 | 6.88% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 2 | $690,000 | $345,000 | $19,547 | 5.63% |
| Kingsville, TX (FHA|USDA|VA) | 1 | $465,000 | $465,000 | $12,586 | 7.25% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 1 | $445,000 | $445,000 | $19,914 | 6.13% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 2 | $440,000 | $220,000 | $17,018 | 6.44% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $21,198 | 6.75% |
| Fallon, NV (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $21,558 | 7.25% |
| Outside of Metro Areas | 1 | $415,000 | $415,000 | $11,903 | 7.63% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $15,373 | 6.75% |
| St. Marys, GA (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $20,746 | 6.50% |
| RICHMOND, VA (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $12,139 | 7.13% |
| Gardnerville Ranchos, NV (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $0 | 8.38% |
| GAINESVILLE, FL (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $10,682 | 7.50% |
| TALLAHASSEE, FL (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $9,333 | 6.25% |
| YORK-HANOVER, PA (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 8.88% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $9,105 | 6.88% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $7,307 | 7.13% |
Similar Lenders
We use machine learning to identify the top lenders compared against UNIVERSAL MORTGAGE & FINANCE based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
For 2023, Universal Mortgage & Finance's most frequently originated type of loan was FHA, with 54 originations. Their 2nd most popular type was Conventional, with 53 originations.
Loan Reason
For 2023, Universal Mortgage & Finance's most frequently cited loan purpose was Home Purchase, with 104 originations. The 2nd most popular reason was Cash Out Refi, with 12 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 122 | $45,710,000 | $374,672 | $18,509 | 7.01% |
For 2023, Universal Mortgage & Finance's most frequently cited loan duration was 30 Year, with 122 originations.
Origination Fees/Closing Costs
Universal Mortgage & Finance's average total fees were $18,509, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 91 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 51 | $18,675,000 | $366,176 |
| 7-8% | 46 | $15,880,000 | $345,217 |
| 5-6% | 12 | $5,160,000 | $430,000 |
| Over 8% | 12 | $5,980,000 | $498,333 |
| <2.5% | 1 | $15,000 | $15,000 |
During 2023, Universal Mortgage & Finance's average interest rate for loans was 7.01%, while their most frequently originated rate bucket for loans was 6-7%, with 51 originations.
Loan Sizing
2023 saw Universal Mortgage & Finance place emphasis on $200k-400k loans with 61 originations, totaling $18,225,000 in origination value.
Applicant Income
Universal Mortgage & Finance lent most frequently to those with incomes in the $75k-100k range, with 30 originations. The second most popular income band? $100k-150k, with 29 originations.
Applicant Debt to Income Ratio
Universal Mortgage & Finance lent most frequently to those with DTI ratios of 30-36%, with 15 originations. The next most common DTI ratio? 50-60%, with 13 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications92.77%
Universal Mortgage & Finance has an average approval rate.
Pick Rate
Approvals leading to origination78.69%
Universal Mortgage & Finance has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 122 | $45,710,000 | $374,672 |